Fuel finally down in price
Consumer prices fell 0.1% in May from the previous month thanks to cheaper fuel, transport and travel services, the National Statistics Office said. While not significant, this is the first monthly decline since mid-2021 and a sign that prices are gradually normalizing. Thus, annual inflation continues to slow down and is now 10.1%.
However, despite the positive trend, the indicator is still several times above normal levels, and all groups of goods and services, with the exception of transport, continue to increase in price compared to a year earlier.
Bulgaria targets 3% deficit needed for Eurozone entry
The Ministry of Finance is working on a budget for this year that will have a deficit of 3% of GDP according to the European methodology required for Eurozone entry, and even below 3% on a cash basis.
This emerged after a statement from deputy finance minister Georgi Klisurski during a meeting in the budget commission in parliament. The commission made minor amendments to the extension of the already extended budget law, with which the state will work until the adoption of a normal financial plan for this year. The goal is to have this happen by the end of July.
Seeking more metal production
The Canadian gold mining company Dundee Precious Metals, which owns mines in Chelopech and Krumovgrad, will be able to acquire 75% of the rights to the Iglika area in South-Eastern Bulgaria, where copper and gold exploration is underway.
A binding exclusive option agreement was signed days ago with Velocity Minerals. The latter company is also Canadian and currently holds the rights to the area through the Bulgarian Balkan Minerals Development.